Tribunal approves resolution plan by Atyant Capital India Fund-I, recognizing Exim Bank as financial creditor.

The tribunal approved the resolution plan submitted by Atyant Capital India Fund-I, binding it on all stakeholders. The corrected order replaced the previous one, recognizing Exim Bank as a financial creditor. The CoC reconstituted to include Exim Bank, leading to the approval of the revised resolution plan by Atyant Capital India Fund-I. The plan met all IBC and CIRP Regulations, ensuring compliance and proper management of the corporate debtor's affairs. The moratorium order ceased, and the Resolution Professional was directed to forward records to the IBBI, making the resolution plan effective from the date of the modified order.

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Issues Involved:
1. Modification/Correction of the Previous Order
2. Approval of the Resolution Plan under IBC
3. Rejection and Subsequent Recognition of Exim Bank as a Financial Creditor
4. Reconstitution of the Committee of Creditors (CoC)
5. Evaluation and Approval of Revised Resolution Plans
6. Compliance with IBC and CIRP Regulations

Issue-wise Detailed Analysis:

1. Modification/Correction of the Previous Order:
The present application (CA No. 55/2020) was filed by the applicant to modify/correct the order dated 17-1-2020. The tribunal acknowledged certain inadvertent errors in the previous order and issued a corrected order to replace the earlier one.

2. Approval of the Resolution Plan under IBC:
The application (CA No. 188/2019) was filed under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), along with Regulation 39(4) of the CIRP Regulations, seeking approval of the resolution plan submitted by "Atyant Capital India Fund-I". The resolution plan was approved by the Committee of Creditors (CoC) with a 100% voting share, meeting the requirements of section 30(4) of the IBC.

3. Rejection and Subsequent Recognition of Exim Bank as a Financial Creditor:
During the Corporate Insolvency Resolution Process (CIRP), the erstwhile Resolution Professional rejected Exim Bank's claim as a financial creditor. Exim Bank challenged this decision, resulting in an order dated 27 November 2017, upholding the rejection. However, this decision was overturned by the Hon'ble NCLAT on 14 August 2018, recognizing Exim Bank as a financial creditor and directing the reconstitution of the CoC.

4. Reconstitution of the Committee of Creditors (CoC):
Following the NCLAT's judgment, the CoC was reconstituted to include Exim Bank. The tribunal directed Exim Bank to call for a CoC meeting and appoint a new resolution professional. Subsequently, the applicant was appointed as the new Resolution Professional, confirmed by the tribunal on 8 March 2019.

5. Evaluation and Approval of Revised Resolution Plans:
The CoC evaluated the revised resolution plans submitted by Atyant Capital India Fund-I and Hindustan Oil Exploration Co. Limited (HOEC). After negotiations and an outbidding process, Atyant Capital India Fund-I was declared the highest evaluated resolution applicant. The final resolution plan, including an improved financial offer of Rs. 123.1 crore, was approved by the CoC through electronic voting.

6. Compliance with IBC and CIRP Regulations:
The Resolution Professional certified that the improved resolution plan met all requirements under the IBC and CIRP Regulations. The plan provided for the payment of insolvency resolution process costs, repayment of operational creditors' debts, management of the corporate debtor's affairs, and implementation and supervision of the resolution plan. The tribunal confirmed that the resolution plan did not contravene any provisions of the law and complied with sections 29A and 30 of the IBC.

Conclusion:
The tribunal approved the resolution plan submitted by Atyant Capital India Fund-I, binding it on all stakeholders involved. The moratorium order ceased to have effect, and the Resolution Professional was directed to forward all records to the IBBI. The tribunal disposed of CA 55/2020 and CA 188/2019, making the resolution plan effective from the date of the modified order.

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